The annual event will be awarding independent films in 14 competitive categories in a beachside ceremony. Up for this year's top honor, Best Feature, are "The Artist," "The Descendants," "50/50," "Drive," "Beginners," and "Take Shelter."

"The Artist" and "The Descendants" are also up for Best Picture at the Academy Awards, which takes place Sunday.

"The Film Independent Spirit Awards recognize the finest artistic achievements across the broad spectrum of independent filmmaking – from emerging talent working on a shoestring budget to established auteurs," said Film Independent Senior Director Sean McManus in an earlier statement.

"The 2012 nominees tell their stories in such an authentic way and reflect the inclusive nature of the independent filmmaking community. We are delighted to support them and expand the audience for their work."

Stars began arriving at 2:00 p.m. EST.

Actresses Zoe Saldana, Kate Beckinsale, Shailene Woodley (from "The Descendants") and Elizabeth Olsen – who's up for Best Female Lead – have already made their entrance.

Nominees were selected from 277 submissions this year based on the following guidelines: uniqueness of vision, original and provocative subject matter, economy of means (with particular attention paid to total production cost & individual compensation), and percentage of financing from independent sources.

The awards ceremony is being hosted by Seth Rogen and will air at 10 p.m. ET/PT on IFC.